Iris Energy (NASDAQ:IREN) Shares Up 4.2% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) rose 4.2% on Thursday . The company traded as high as $14.63 and last traded at $14.18. Approximately 4,179,301 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 13,765,929 shares. The stock had previously closed at $13.61.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Canaccord Genuity Group increased their price objective on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald lifted their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley cut their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Roth Mkm began coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and a consensus target price of $17.56.

Iris Energy Stock Down 2.4 %

The firm’s fifty day moving average is $10.69 and its 200 day moving average is $10.06.

Hedge Funds Weigh In On Iris Energy

Institutional investors have recently made changes to their positions in the business. Bluefin Capital Management LLC acquired a new stake in Iris Energy in the 2nd quarter worth $113,000. AFG Fiduciary Services Limited Partnership bought a new stake in shares of Iris Energy in the third quarter valued at about $77,000. Covestor Ltd bought a new position in Iris Energy during the third quarter valued at about $87,000. Sippican Capital Advisors acquired a new position in Iris Energy in the 3rd quarter valued at approximately $94,000. Finally, Seven Eight Capital LP bought a new stake in shares of Iris Energy in the 2nd quarter worth approximately $146,000. 41.08% of the stock is currently owned by institutional investors.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.